Norway and Norwegian trade and industry have interests in Brazil, an economy that is assumed to become world’s fifth largest within few years. Major oil findings off the coast combined with the many years of accumulated experience and knowledge of Norwegian businesses from their own continental shelf will reinforce these ties. Eksportfinans plays a central role in the financing of these companies.
The Norwegian government is in the process of preparing a separate Brazil strategy, and last week, the Minister of Trade and Industry, Trond Giske, visited the country. By his side he had a delegation of 130 people, including representatives from the three core institutions in the financing of the NorwayBrazil co-operation. Among these representatives was Eksportfinans and Director of Lending, Olav E. Rygg.
The delegation’s goal was to strengthen the business liaisons between Brazil and Norway, and on Thursday, together with the Minister, Rygg was in Rio de Janeiro to meet the Brazilian Development Bank (BNDES), represented by Vice President Armando Mariante and also Sergio Foldes and Paulo Roberto Araújo. Since 1952 the bank has played a fundamental role in the expansion of industry and infrastructure in the largest and most populous country of Latin America.
The subject of the meeting was the co-operation between Brazil and Norway in financing projects of common interest of the two countries. Trond Giske and Olav E.Rygg represented the Norwegian interests together with Group Executive Vice President Leif Teksum of DnB NOR and Managing Director Wenche Nistad of the Norwegian Guarantee Institute for Export Credit (GIEK).
GIEK is an important business partner for Eksportfinans, and as part of the discussions between the parties, on Friday, Wenche Nistad signed a memorandum of understanding (MOU) with BNDES. The MOU focuses in particular on projects with Norwegian and Brazilian content related to the oil and energy sector, and may be an important door opener for Norwegian suppliers.